Micro-entity accounts (FRS 105): a simple guide
Who qualifies as a micro-entity, what you must report, and what changes in 2028.
Micro-entities are the smallest companies, and they can file simplified accounts under the FRS 105 standard. This keeps reporting light, but there are limits on who qualifies.
Do you qualify
A company is usually a micro-entity if it meets at least two of these: turnover not more than 632,000 pounds, balance sheet total not more than 316,000 pounds, and no more than 10 employees on average.
What changes in 2028
From April 2028, micro-entities must file using software in iXBRL, and must include a profit and loss account. You can choose not to publish the profit and loss detail, but it must be filed.